The IMF concluded a
financial stabilization program with Greece, the largest in its history, in May
2010. Since the Greek financial crisis continues three years later, this
program has proved itself to be spectacularly unsuccessful. Fortunately, the
IMF has reacted to its failure with a public evaluation:

It’s hard to escape
the effects of demographic determinism. Japan appears very keen to give it a shot, but aside
from policymakers taking a disturbingly direct hands-on approach, their choices
are somewhat limited.

Bank of America
Merrill Lynch’s Michael Hanson and team note on Tuesday that while the world
and its dog obsess about an upcoming QE exit, things continue to look pretty
bleak on the money multiplier side of things.